The Hong Kong and Shenzhen governments have signed the "Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen" to jointly develop the Hong Kong/Shenzhen Innovation and Technology Park at the 87-hectare Loop, a site area four times that of the Hong Kong Science Park.

The Hong Kong Science and Technology Parks Corporation will set up a subsidiary company to be vested with the responsibility of building the superstructure and operating the park focusing on the development of innovation technology including robotics, bio-medicine, smart city and financial technology.

The first phase of the construction project is expected to take four to six years, with 40,000 new jobs estimated when the park comes into full operation.